China Molybdenum raised about $ 700 million of this amount in government-backed loans from Chinese banks, including China Construction Bank… According to filings from Hong Kong, BHR raised the remaining amount from obscure companies with names such as Design Time Limited, an offshore company controlled by investment bank China Construction.
Prior to the deal, BHR also signed an agreement This allowed China Molybdenum to buy BHR’s stake in the mine, which the company did two years later, according to the documents. This purchase gave China Molybdenum 80% of the mine’s ownership. (The Congo state-owned mining company retained the stake.)
By the time BHR sold its stake in 2019, Mr Biden controlled 10 percent of the company through LLC “Skaneateles”, a company based in Washington DC. While Chinese corporate documents show that Skaneateles remains a co-owner of BHR, Chris Clarke, Mr Biden’s attorney, said he “no longer has any interest, directly or indirectly, in either BHR or Skaneateles.” Chinese records show that since April 2020, Mr. Biden was no longer on the BHR board of directors. Mr Biden did not respond to requests for comment.
A former BHR board member told the New York Times that Mr. Biden and the other American founders were not involved in the mine deal and that the firm received only nominal fees from doing so. According to the former board member, this money went to the operating funds of the firm and was not distributed among its owners.
It is unclear exactly how this firm was chosen by China Molybdenum. BHR’s current executives have not responded to emails and phone calls seeking comment. “We do not know Hunter Biden and do not know about his involvement with BHR,” said Vincent Zhou, a spokesman for China Molybdenum, in an email.
A dozen executives from companies involved in the deal, including Freeport-McMoRan and Lundin, said in interviews that they had not been given a reason for BHR’s involvement. Most executives also said they were unaware of Mr Biden’s connection to the firm at the time of the deal.
Paul Conibir, Lundin’s chief executive officer at the time, said it was clear that China Molybdenum was spearheading the deal, even though BHR was the buyer of Lundin’s stake.